Other teams would call that bet, most likely. The best thing that could happen is Peavy comes back this month and doesn't get traded, but rather gets to pitch into August and pitches well, then gets claimed by a team with good prospects that is desperate to make a deal. It's not a likely scenerio, but plausable. After the season, you're looking at a year of a guy that's been hurt for significant time 4 of 5 years. I know what you think he's worth and why, but I think emotions are a part of that. When he's on, he's phenomenal. But this isn't a case where there's a hitch that a team thinks it can correct. Whether or not he's that Peavy for the next team is a total crapshoot.

Peavy's WHIP was 1.1 last year and 1.16 this year; that's number 2 starter territory. Teams, at least theoretically, should pay a premium in desperate times, which, if they if they are if in a pennant race and need a good starter. Plus, the supply of available starting pitchers is extremely thin.
The Rangers #2 starter, Derrick Holland has never had a WHIP below 1.2
And, again, if nothing materializes, keep him for next year.
As DickAllen points, money shouldn't be anywhere close to a major concern.
He's our best trading chit, presuming he gets healthy. He's better than most of the GOOD pitchers on contenders. So is Crain, but not as valuable as he's a reliever. Others, like Rios, aren't going to be better than the good hitters on contenders...they will be better than a hole the contender might have, but they won't pay that much just to plug a hole.

You couldn't be more right about Peavy. Ever since the start of 2012, he's been a top-of-the-rotation starter when healthy. I'm completely baffled that people think otherwise. I guess it's just the usual self-loathing from Sox fans. I can't think of any other explanation for it. The numbers don't lie.